Rise in turnover and profit for property group behind landmark Birmingham scheme
Major deals completed and a raft of successful delivery milestones have contributed to a rise in profits and turnover at Caddick Group, whose company Moda Living is behind The Mercian BTR scheme in Birmingham.
The group, which as well as Moda Living, includes Caddick Developments and Caddick Construction, has seen a considerable rise in turnover (28%) and profits (41.8%) compared to the prior financial year.
Group turnover for the year ending August 2022 stood at £492m, with pre-tax profits up to £58m.
Caddick said the continued strong performance reflects an increasing geographical reach across the UK and investment in a healthy pipeline of future opportunities.
On the Living side of the business, residential developer and operator Moda Living delivered three new build-to-rent neighbourhoods during the year.
This included The Mercian in Birmingham which is the Midlands’ tallest residential building comprising 487 homes across 42 storeys, the 515-home Moda, New York Square development at the group’s SOYO site in the heart of Leeds’ cultural quarter; and Moda The Lexington in Liverpool, a 325-home landmark development on the waterfront.
In industrial and logistics, significant funding deals have been signed by Caddick Developments for major sites in the North West and Yorkshire, including Farington Park in Leyland, Lancashire, a 544,000sq ft distribution centre, and Leeds Valley Park, representing 300,000sq ft of space across 12 acres. Both schemes are currently under construction.
The construction business has seen a 30% growth in its core markets, including industrial and residential alongside other projects in the office, healthcare and process related sectors. The business welcomed its new construction group managing director Paul Dodsworth, in August 2022, followed by a host of senior hires and promotions.
Johnny Caddick, Caddick Group, said: “Our focus on Living and logistics has proven its resilience and strength through recent years, putting Caddick Group in a strong financial position. Our work to secure a market leading pipeline of opportunities across our sectors has given us the headroom to invest for our future and secure a bright outlook for the group.
“We have a national geographical reach, with projects now on site in the North of England, Scotland, the Midlands and the South. As a privately owned business, we have the flexibility to take decisions quickly and react at speed to evolving market conditions. Our expanding team has worked tirelessly to ensure we are in rude health, giving us the confidence to invest in our future, which is reflected in an expanding pipeline with a GDV approaching £10bn.”
